Overview
- Government officials, speaking Tuesday at a FICCI conference in New Delhi, outlined a quota-based plan to cut import duty on up to 250,000 European cars to 10% from 110%.
- The auto terms are phased over time to shield Indian manufacturers, and officials expect lower prices for imported European models as the cuts roll in.
- The Commerce Ministry said the pact is designed to draw investment into India and expand domestic car production linked to European supply chains.
- Social Security Agreements with EU members now cover 14 countries, with seven under negotiation and six planned, which prevents double pension payments for Indian professionals on short stays.
- Industry leaders said the EU takes about 12% of India’s merchandise trade and urged fast follow-through so exporters, small firms, and service providers see gains when the deal, expected next year, takes effect.